Group 1 - The core point of the article is the announcement of a public tender by Changsha Bank for the project named "Changsha Bank Asset Custody Multi-layer Penetration Investment Supervision System" with a budget of 1.2 million yuan [1] - The project is associated with Youa Co., Ltd. and Tongcheng Holdings, which hold shares in the bank at 5.69% and 3.07% respectively [1]

Core Viewpoint - A-share listed banks are actively implementing their 2025 interim dividend distribution plans, with significant cash dividends being announced and distributed by multiple banks in September 2023 [1][4]. Summary by Category Dividend Distribution - As of now, 17 A-share listed banks have announced their 2025 interim profit distribution plans, with six major state-owned banks collectively distributing a total of 204.657 billion yuan in cash dividends [1][4]. - Bank of Communications leads with a cash dividend of 50.396 billion yuan, followed by Agricultural Bank of China with 41.823 billion yuan, and China Construction Bank with 48.605 billion yuan [4]. Specific Bank Announcements - Shanghai Rural Commercial Bank announced a cash dividend of 0.241 yuan per share, totaling 2.324 billion yuan, distributed on September 26, 2025 [2][3]. - Changsha Bank declared a cash dividend of 0.20 yuan per share, amounting to 804 million yuan, also distributed on September 26, 2025 [2][3]. - Other banks such as Suzhou Rural Commercial Bank, Minsheng Bank, and Changshu Bank have also completed their 2025 interim dividend distributions [1][2]. New Dividend Policies - Several banks, including China Merchants Bank, Changshu Bank, and Ningbo Bank, have confirmed the implementation of interim dividends for the first time [6][7]. - Jiangyin Bank's board has approved its 2025 interim dividend plan, while other banks like Wuxi Bank and Xiamen Bank are considering their dividend distribution methods [7]. Non-Dividend Announcements - Some banks, such as Zhengzhou Bank, have explicitly stated they will not distribute cash dividends for the first half of 2025 [8]. - The trend of increasing dividend frequency is seen as beneficial for investor confidence and stock price stability [8]. Market Context - The overall dividend distribution in 2024 exceeded 630 billion yuan, with major banks like ICBC and CCB leading the way with over 100 billion yuan each [9][10]. - Regulatory changes have encouraged companies to enhance their dividend policies, aiming for more frequent and higher dividend payouts [10].

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. 2. Core Viewpoints of the Report - External environment factors such as interest rate fluctuations, bond supply - demand, and policy orientation jointly impact bond investment returns. In H1 2025, the bond investment of 42 listed banks showed certain characteristics in scale, structure, and profit and loss, but there are still challenges in maintaining stable returns in the future [1]. - The overall bond investment scale of 42 listed banks expanded steadily in H1 2025. There were differences in the investment structure among different types of banks, with state - owned banks and city commercial banks having stable growth in the bond allocation portfolio, while joint - stock banks and rural commercial banks increased their efforts in the bond trading portfolio. The bond investment portfolio generally presented a pattern of "stable foundation and flexible gain" [1]. - The coupon income of 42 listed banks was generally stable in H1 2025 but showed a slight year - on - year decline. The fair value change loss was significant, and the investment income increased. However, the bond investment of the banking industry still faces pressure to maintain stable returns [1]. 3. Summary According to the Table of Contents 3.1 42 Listed Banks' Bond Investment Volume - **Overall Bond Investment Scale: Steady Expansion**: In H1 2025, the total scale of the three types of bond - type financial assets of 42 listed banks showed a steady expansion trend. The growth of debt investment - type financial assets measured at amortized cost was relatively slow, while the growth of trading financial assets measured at fair value and included in current profits and losses was relatively large, indicating that banks increased the proportion of trading positions [9]. - **Differentiated Bond Investment Distribution Structures among Different Bank Types**: In H1 2025, state - owned banks and city commercial banks showed stable growth in the bond allocation portfolio, which may be related to their participation in the primary - market issuance of important national and regional bond varieties. Joint - stock banks and rural commercial banks slightly weakened their bond allocation power but significantly increased their efforts in the bond trading portfolio, showing a differentiated feature of "stable allocation by large banks and prominent trading flexibility by small and medium - sized banks" [13]. - **Bond Investment Allocation Tilted towards Government - Related Bonds**: In H1 2025, commercial banks increased their allocation of government - related bonds, with an average month - on - month increase of about 10% for state - owned banks, joint - stock banks, and city commercial banks, and a slightly smaller increase for rural commercial banks. The allocation of financial bonds and other bonds was differentiated. All banks held a relatively large scale of government - related bonds, followed by financial bonds and credit - related bonds [18]. - **Correlation between Financial Asset Types and Bond Variety Structures**: The banking industry maintained a stable growth of interest - rate bonds in the bond allocation portfolio and increased the allocation of credit bonds, while the allocation of financial bonds was relatively weak. In the bond trading portfolio, interest - rate bonds and financial bonds were the core varieties, with a more significant increase than credit bonds, showing a "stable foundation and flexible gain" pattern [22]. 3.2 42 Listed Banks' Bond Investment Profit and Loss - **Coupon Income: Generally Stable and Still the Main Source of Income**: In H1 2025, the total coupon income of 42 listed banks decreased slightly year - on - year. Although the scale of held - to - maturity bonds increased, the decline in the coupon rate of newly issued bonds led to a decrease in coupon income. In the future, coupon income is still expected to be the main source of bond investment income for commercial banks [26]. - **Fair Value Change Loss: Losses in the Trading Level**: In H1 2025, the total fair value change loss of 42 listed banks decreased significantly year - on - year, indicating that it was difficult to obtain capital gains through short - term trading in the volatile bond market, and there were floating losses in bond trading [28]. - **Investment Income: Growth in All Bank Types**: In H1 2025, the actual investment income of 42 listed banks in the bond field increased significantly year - on - year. Although the book value appreciation of bond - type trading financial assets and other debt investment - type financial assets was not as good as that of the previous year, banks could still increase their investment income by selling floating - profit old bonds and waiting for the maturity of high - coupon bonds [31]. 3.3 Attribution and Summary - **External Environment Driving Factors: Interest Rate Fluctuations, Bond Supply - Demand, and Policy Orientation Jointly Impact Bond Investment Returns**: In H1 2025, the "more adjustments and fewer opportunities" bond market environment led to a general decline in the prices of existing bonds, resulting in a significant year - on - year decline in the fair value change loss of listed banks' bond investment. The supply of national bonds, local government bonds, and policy - based financial bonds increased, but the coupon rate of newly issued bonds decreased, leading to a decline in coupon income. Regulatory policies indirectly affected bond investment performance [35]. - **Banking Industry's Bond Investment Pressure and Future Outlook** - Overall Income Shows a Positive Trend but There Are Still Hidden Concerns: In H1 2025, the actual bond investment income of 42 listed banks increased slightly year - on - year, but the coupon income faced downward pressure in the interest - rate downward cycle, and it was more difficult to obtain spread income through band trading. Since H2 2025, the "stock - strong and bond - weak" pattern has emerged, and the loss caused by fair value change will be more obvious [3]. - Different Bank Types Show Differentiated Performance, and State - owned Banks' Pressure Is Relatively Controllable: State - owned banks can maintain a certain profit - making ability in the low - interest - rate volatile bond market due to their advantages in bond allocation and trading portfolios. Joint - stock banks, city commercial banks, and rural commercial banks are more vulnerable, and they may increase their capital allocation in the equity market, commodity market, and related structured fixed - income products in the future [3].

证券日报网讯 9月26日晚间，友阿股份发布公告称，湖南友谊阿波罗商业股份有限公司（以下简称"公 司"）参股的长沙银行股份有限公司（以下简称"长沙银行"）第八届董事会第二次会议审议通过了 《2025年中期利润分配方案》。截至长沙银行2025年半年度权益分派股权登记日（2025年9月25日）， 公司持有长沙银行228，636，220股，根据长沙银行《2025年中期利润分配方案》，公司可分得现金股 利45，727，244.00元人民币。公司已于近日收到该笔分红款。 （编辑 楚丽君） ...

格隆汇9月26日丨友阿股份(002277.SZ)公布，公司参股的长沙银行股份有限公司（简称"长沙银行"）第 八届董事会第二次会议审议通过了《2025年中期利润分配方案》。截至长沙银行2025年半年度权益分派 股权登记日（2025年9月25日），公司持有长沙银行228,636,220股，根据长沙银行《2025年中期利润分 配方案》，公司可分得现金股利45,727,244.00元人民币。公司已于近日收到该笔分红款。由于公司对长 沙银行的长期股权投资采用权益法核算，因此，收到该笔现金分红款对公司2025年度合并报表净利润无 影响。 ...

Group 1 - The core point of the article is that Youa Co., Ltd. (002277.SZ) has received a cash dividend from its investment in Changsha Bank, amounting to 45,727,244.00 RMB, as approved in the bank's 2025 interim profit distribution plan [1] - As of the equity registration date for the dividend distribution on September 25, 2025, Youa Co., Ltd. holds 228,636,220 shares of Changsha Bank [1] - The cash dividend received will not impact the net profit of Youa Co., Ltd.'s consolidated financial statements for the year 2025, as the investment in Changsha Bank is accounted for using the equity method [1]

（编辑 楚丽君） 证券日报网讯 9月26日晚间，通程控股发布公告称，长沙通程控股股份有限公司（以下简称"公司"）现 持有长沙银行股份有限公司（以下简称"长沙银行"）无限售条件A股123，321，299.00股，持股比例为 3.07%。长沙银行于2025年9月19日公告了《长沙银行2025年半年度权益分派实施公告》。长沙银行 2025年半年度权益分派方案为：以方案实施前的长沙银行总股本4，021，553，754股为基数，向全体股 东每股派发现金红利0.20元（含税）。根据上述分配方案，公司可分得现金股利24，664，259.80元。公 司于2025年9月26日收到长沙银行该笔现金分红款。 ...

通程控股（000419）(000419.SZ)公告，公司持有长沙银行无限售条件A股1.23亿股，持股比例为 3.07%。根据分配方案，公司可分得现金股利2466.43万元。公司于2025年9月26日收到长沙银行该笔现 金分红款。 ...

Group 1 - The company holds 123 million shares of Changsha Bank, accounting for 3.07% of the total shares [1] - The company will receive a cash dividend of 24.6643 million yuan based on the distribution plan [1] - The cash dividend payment is scheduled to be received on September 26, 2025 [1]

格隆汇9月26日丨通程控股(000419.SZ)公布，公司现持有长沙银行股份有限公司（简称"长沙银行"）无 限售条件A股123,321,299.00股，持股比例为3.07%。长沙银行于2025年9月19日公告了《长沙银行2025 年半年度权益分派实施公告》。长沙银行2025年半年度权益分派方案为：以方案实施前的长沙银行总股 本4,021,553,754股为基数，向全体股东每股派发现金红利0.20元（含税）。根据上述分配方案，公司可 分得现金股利24,664,259.80元。公司于2025年9月26日收到长沙银行该笔现金分红款。 ...